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FxWirePro: USD/TRY retreats from 1-1/2 year peak, fails to sustain gains above 6.7000

  • The Turkish Lira nudged up after falling to a 1-1/2 year trough earlier in the session. 
     
  • Economists say Turkey is on the verge of another possible recession as the fallout from the coronavirus is expected to hurt exports, tourism and domestic demand in the near-term. 
     
  • USD/TRY is trading 0.5 percent lower at 6.6659, having hit a high of 6.7114 earlier, its highest since September 2018. 
     
  • Momentum indicators are bearish on hourly charts. 
     
  • Immediate resistance is located at 6.7280, any close above could take it above 6.7315.
     
  • On the downside, support is seen at 6.6243  and break below could take it near 6.6085.
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